J.P. Morgan may be near end of reserve build: CFO

MatthiasRieker

NEW YORK (MarketWatch) -- JPMorgan Chase & Co.
JPM, -0.72%
Chief Financial Officer Michael Cavanagh said Wednesday that the bank "is getting close to the end of loan-loss reserves."

Cavanagh, however, did not want to predict how soon the money the bank set aside for delinquent loans would peak because the performance of the United States economy remains uncertain.

During a conference call with reporters, Cavanagh said JPMorgan Chase continues to see a stabilization in delinquencies among mortgage and credit card borrowers who are less than 60 days late on their payments, though he said that even those "early-stage delinquencies" remain at an "elevated level."

Overall, losses from soured consumer and commercial loans are expected to continue to increase, he said.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.